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◆ €18bn blockbuster executed in June ◆ Book size and quality both comparable to January ◆ Greece, Sweden to conclude sovereign pipeline for H1
◆ Lead points to high-quality book ◆ Subscription ratio slips from prior tap ◆ Maturity had 'pretty clear consensus'
‘Very normal market’ despite ongoing war and volatility to support another wave of new issues
Bankers say the ambition to price the first SSA bond through US Treasuries has faded as recent five year deals stall and barely perform in secondary
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Hong Kong took another step towards its long awaited debut sukuk issue on Thursday, announcing roadshow dates for the proposed dollar deal. The transaction is the first step in the financial centre’s bid to establish itself as a regional Islamic financing hub. But scepticism of the plan and its chances of success remains high, write Virginia Furness and Isabella Zhong. -
Italy set new lows in its five year and 10 year yields at an auction on Thursday morning, but the result could have been very different if the sale had come just a few hours later. Shortly after the auction, Ukraine president Petro Poroshenko cancelled a visit to Turkey after claiming that Russia had moved troops into the east of his country, widening spreads between the eurozone core and periphery as investors sought the safest of assets.
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Bank Nederlandse Gemeenten is next in line on the euro benchmark conveyor belt, having mandated banks on Wednesday afternoon for a deal. Finland hit the ‘go’ button earlier in the day, building a more than twice subscribed book for a deal that was priced at the tight end of guidance.
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Italy is almost certain to set new records at a bond auction on Thursday, after its yields screamed down in secondaries this week — a trend that is set to grow stronger next week, said analysts. Thursday’s auction will be the third time the sovereign takes advantage of a heavily bid market this week, after breaking records at a bill auction on Wednesday and a zero coupon bond auction on Tuesday.
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A dollar denominated sovereign bond could be a viable way for the government of Papua New Guinea (PNG) to get around growing constraints on its ability to finance deficit spending, according to ANZ. And declining yields over recent years for similarly rated sovereigns mean PNG should be able to issue at attractive rates.
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A pair of mandates woke the SSA market on Tuesday following a sleepy summer for benchmark supply. FMS Wertmanagement is set to come in dollars and there will be euro supply from the Finnish sovereign — which also plans to sell a dollar benchmark later in the year.
